SNDL Inc.
SNDL · Medicinal Chemicals & Botanical Products · EDGAR filings ↗
Grade
C55Cannabis/consumer roll-up with a fortress balance sheet and positive free cash flow but still roughly breakeven on earnings.
Strengths
- Strong liquidity (current ratio 4.88, 93rd pct; quick 3.5) and cash $184M (82.8th pct)
- Positive FCF $42M (92.6th pct) and OCF margin 7.5% (76.5th); revenue +8%
Risks
- Still loss-making (net margin -1.7%, ROE -1.4%, ROA -1.2%) with net income down 83%
- Low gross margin (27%, 20.6th pct) in a competitive, low-quality sector
Notable findings
- No interest coverageInterest coverage -0.95 (cannot cover interest)
- Net lossNet loss (net margin -1.6%)
- Strong balance sheetStrong balance sheet — $184M cash & investments
- Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +1 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 3→4 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Key metrics
Gross margin
25.8%
Operating margin
-0.6%
Net margin
-1.6%
Return on equity
-1.4%
Return on assets
-1.2%
Revenue growth (QoQ)
8.0%
Interest coverage
-0.9×
Current ratio
4.9×
Free cash flow
$42M
Tangible book value
$714M
Cash & investments
$184M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-03-12 | 2025-12-31 | 0001193125-26-102524 ↗ |
| 40-F | 2025-03-18 | 2024-12-31 | 0000950170-25-040545 ↗ |
| 40-F | 2024-03-21 | 2023-12-31 | 0000950170-24-034394 ↗ |
| 20-F | 2023-04-24 | 2022-12-31 | 0000950170-23-013918 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001564590-22-016195 ↗ |
| 20-F | 2021-03-18 | 2020-12-31 | 0001564590-21-013936 ↗ |
| 20-F | 2020-03-31 | 2019-12-31 | 0001564590-20-014358 ↗ |